Joel Wilhite Sells 19,358 Shares of AvidXchange Holdings, Inc. (NASDAQ:AVDX) Stock

AvidXchange Holdings, Inc. (NASDAQ:AVDX) insider Joel Wilhite sold 19,358 shares of the firm’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $8.15, for a total transaction of $157,767.70. Following the sale, the insider now owns 400,278 shares in the company, valued at approximately $3,262,265.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink.

Joel Wilhite also recently made the following trade(s):

• On Tuesday, August 27th, Joel Wilhite sold 18,028 shares of AvidXchange stock. The stock was sold at an average price of $7.98, for a total transaction of $143,863.44.
• On Friday, August 23rd, Joel Wilhite sold 47,308 shares of AvidXchange stock. The stock was sold at an average price of $8.10, for a total transaction of $383,194.80.

AvidXchange Stock Performance

Shares of AVDX stock opened at $8.03 on Thursday. AvidXchange Holdings, Inc. has a 52 week low of $6.88 and a 52 week high of $13.56. The company has a market cap of $1.66 billion, a PE ratio of -53.53 and a beta of 1.03. The company has a current ratio of 1.36, a quick ratio of 1.36 and a debt-to-equity ratio of 0.19. The company’s fifty day simple moving average is $10.09 and its 200-day simple moving average is $11.21.

AvidXchange (NASDAQ:AVDX) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.04 by $0.01. AvidXchange had a negative net margin of 3.18% and a negative return on equity of 0.23%. The firm had revenue of $105.30 million for the quarter, compared to the consensus estimate of $107.13 million. During the same quarter in the previous year, the firm posted ($0.05) EPS. The firm’s quarterly revenue was up 15.6% on a year-over-year basis. As a group, equities research analysts anticipate that AvidXchange Holdings, Inc. will post 0.01 EPS for the current year.

Analyst Ratings Changes

A number of brokerages recently issued reports on AVDX. Wells Fargo & Company decreased their target price on shares of AvidXchange from $13.00 to $10.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 1st. The Goldman Sachs Group decreased their price target on shares of AvidXchange from $11.50 to $9.00 and set a “sell” rating on the stock in a report on Thursday, August 1st. Compass Point initiated coverage on shares of AvidXchange in a report on Wednesday. They issued a “neutral” rating and a $8.00 price target on the stock. Barclays decreased their price target on shares of AvidXchange from $14.00 to $10.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Finally, KeyCorp decreased their price target on shares of AvidXchange from $15.00 to $12.00 and set an “overweight” rating on the stock in a report on Thursday, August 1st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $11.00.

Institutional Investors Weigh In On AvidXchange

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AVDX. National Bank of Canada FI purchased a new stake in AvidXchange during the 4th quarter worth $54,000. Advisors Asset Management Inc. grew its holdings in AvidXchange by 96.3% during the 1st quarter. Advisors Asset Management Inc. now owns 4,309 shares of the company’s stock worth $57,000 after acquiring an additional 2,114 shares in the last quarter. nVerses Capital LLC acquired a new position in AvidXchange during the 2nd quarter worth $66,000. Xponance Inc. acquired a new position in AvidXchange during the 2nd quarter worth $133,000. Finally, Cardinal Capital Management acquired a new position in AvidXchange during the 1st quarter worth $190,000. Hedge funds and other institutional investors own 80.58% of the company’s stock.

About AvidXchange

AvidXchange Holdings, Inc provides accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers in North America. The company offers AP automation software, a SaaS-based solution that automates and digitizes capture, review, approval, and payment of invoices for buyers; the AvidPay network that connects two-sided payments with buyers and suppliers; and the AvidXchange Supplier Hub, which provides supplier insights to cash flow, tools for in-network invoices and payments, and early payment feature.